Financial inclusion has a wide range of positive effects on sustainable development, but studies indicate lack awareness about financial services in the large group financially excluded individuals within economy. This paper examines mediating literacy and moderating role social capital relationship between development Cameroon. A PLS-SEM model was used with 488 collected samples as empirical data from residents Douala Buea municipalities Cameroon through questionnaire survey. found to be...

In order to realize the national carbon intensity reduction target, China has decided establish a unified emissions trading market in 2017. At initial stage, eight industrial sectors will be covered and other included gradually. The aim of this paper is study issue how allocate quotas among different fairly effectively. We try provide theoretical support for determine coverage scope access market. paper, we construct comprehensive index based on indicators equity efficiency principle. adopt...

CO2 Emissions Trading Scheme is a key policy instrument for dealing with increasing greenhouse gas emissions. This work aims at giving some recommendations on the design of China’s National Scheme. The experience accumulated in Carbon Pilots quite valuable Scheme, so it important to analyze determinants prices these pilots. We use difference-in-differences model study various policies respectively, including auction, investment access individual and institutional traders, carbon forward....

Given the growing evidence and scientific consensus on global climate change, carbon emission trading schemes (ETS) have been deemed crucial in mitigating problem. Therefore, this study compares mechanisms of ETS European Union with those China. The results indicate similarities cap determination, coverage calculation method allowance allocation, participants category, offset credit, MRV. On other hand, allocation supervision formats methods, market risk management, linkage mechanism,...

Allocating emission quotas among provinces fairly and efficiently is a critical issue for China. We developed carbon quota allocation framework at the provincial level considering both equity efficiency principles based on multi-objective non-linear programming model. established Gini coefficient an abatement cost function to measure of allocation, respectively. then introduced them as objectives into model obtained optimal 30 in China, by realizing trade-off between principles. Our analysis...

Abstract Earnings communication conferences in China have become the main platform for direct between listed firms and individual investors. This study investigates whether hosting an earnings conference its tone affect post‐earnings‐announcement drift (PEAD). We find that increases PEAD. One possible explanation our results is investors overreact to stock prices of hold conferences. also conclude negatively correlated with In addition, market reacts more strongly managers’ than it does...

In this study, we show that changes in profitability predict a firm's stock returns and future profitability. We construct three horizon-based changes, including short-, medium-, long-term changes. find the predictive information for short-term is not subsumed by level Chinese market. also generate an asymmetrical premium across different market states. Furthermore, beta anomaly embedded generated change addition, explore underlying mechanisms of propose heterogeneous investor belief channel...

Although a wealth of studies on companies’ environmental behavior exists, little is known about the factors with greatest influence evolution such behavior. Thus, employing empirical data China and an agent-based simulation model, this study examines from defensive to preventive The results show that community support most important factor in process, followed by managers’ awareness financial ability. However, ability significant enthusiastic behavior, support. Our identification can serve...

Exposure to images on the impact of climate change has been shown trigger low-carbon awareness and behaviors in individuals. In this study, pre-exposure photographs impact, awareness, a control group an experimental were not significantly different. However, following exposure, two groups showed significant differences terms behavior. Moreover, was found have better behavior than without exposure. Therefore, exposure may play important role promoting The findings implications for policy-making.

As a central issue in macro-finance studies, the spanning hypothesis has always been focus of research. Previous studies have focused on whether this holds true developed markets, while paying little attention to that emerging markets. Because their unique monetary systems, governments most markets play key role bond returns. This study identifies macroeconomic factors for forecasting excess returns government under hypothesis. We find previous research, intervention employed no additional...

This paper investigates the impact of multidimension liquidity, credit risk, and interaction between liquidity risk on corporate bond spreads based a large transaction data set from July, 2006 to June, 2016, including monthly 3716 bonds in China. Our main findings reveal that premiums are parts spreads. The plays significant role determining In addition, differences interbank market exchange have normal period, has an enhanced during financial crisis. We also find will increase with it is...

We examine the impact of short selling activities on firms' adoption share repurchase strategies. Using China’s A-share market data, we find that firms under pressure prefer open repurchases, with no significant implementation over-the-counter (OTC) agreement repurchases. By analyzing medium- and long-term responses operational performance, identify repurchases as indicative short-sighted corporate behavior, contrasting informed conduct exhibited by short-selling traders. Conversely, OTC...

This paper proposes a generalized bond pricing model, accounting for all the effects of credit risk, liquidity and their correlation. We use an informed trading model to specify payoff analyze sources risk. show that risk arises from reduced information accuracy market tolerance, it is tolerance links liquidity. Then, we extend traditional with only by incorporating into framework in which probabilities two events are estimated joint distribution. Using numerical examples, role correlation...

This study investigates the factors impacting price difference between interbank market and exchange for same bond using a large transaction dataset from July 2006 to June 2016 in China. We find that liquidity macrofactors mainly affect two markets bond. And individual explains only small part of difference. also interaction credit risk is an important factor affecting difference, effect greater during financial crisis.

This paper analyzes the influence of downside risk on defaultable bond returns. By introducing a bond-trading model, we show that decline in market tolerance and information accuracy leads to trading loss under conditions. Our empirical analysis indicates can explain large proportion variation yield spreads contains almost all valid liquidity risk. As credit level decreases, explanatory power increases significantly. We also investigate predictive cross-sectional excess returns using...